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Norwell Real Estate Sales Benefiting from Hot Boston Market

Curious about the short and long-term outlook for the Norwell real estate sales market?

As in most communities across Eastern Massachusetts, Norwell real estate sales and the entire South Shore real estate market has remained active in 2016. Continued strong buyer demand combined with low interest rates, still under 4% for conventional 30-year loans have fueled the market for several years now. Norwell remains a highly sought after community to live in due to its high-ranking public school system, its rural character and recreational options, as well as its close proximity to Boston.

Boston sizzles and creates value in Norwell real estate sales

Norwell real estate salesThe blistering hot real estate market in and around downtown Boston, South Boston and the Seaport District, Charlestown, Back Bay, Beacon Hill and all of Boston’s neighborhoods has benefited Norwell real estate sales and in all Suburban communities. What I’m constantly hearing from prospective homebuyers is that Norwell and the South Shore is a real value compared to the $1,000 per square foot prices in the city. For some of the younger buyers who are starting families and ready to move to the burbs, they are benefiting by doubling their original purchase price for their city condo. Many smart property owners in the city are sensing this might be the time to take their skyrocketing equity and find a value in Norwell.

Looking into the crystal ball… Norwell real estate sales

In the near term, I expect things will remain generally stable with continued low inventory and high buyer demand. Looking at the longer-term, I expect Norwell real estate sales and the overall market to continue fairly strong for the next 24 months. After 23 years in real estate, I’ve been through a few up and down cycles during my career and over the years I’ve learned to listen to my intuition a bit more, so when the alarm bells ring, I will be vocal about the trends and changes that may eventually turn the market. One thing is for sure in today’s world, and that is we never really know what’s around the corner in today’s world and how that will effect the U.S. economy and the eventually the real estate market. Unfortunately, when it does happen, it’s usually too late when really smart people, like economists, tell us it began 6 months ago. Then everyone decides to put their house on the market at the same time, creating over-supply and falling prices. My advice is always the same, don’t wait if you are trying to time the market. Use your own intuition and if you’re happy with the equity in your home and the net profit you will receive from a sale, sell it now and don’t let the market ups and downs dictate your next move.

What’s happening in Norwell real estate sales?

Norwell real estate salesIn the first 8 months of 2016, there were 117 single family Norwell real estate sales ranging from $180,000 to $2,900,000 compared to 115 sales in the same period in 2015.

The average sale price for Norwell real estate sales for the first 8 months of 2016 was $721,521, with a median sale price of $619,000, an average living area of 2,900 square feet and an average of 57 days to offer. In the same period in 2015, the average sale price in Norwell MA was $629,049, with a median sale price of $607,500, and average days to offer of 73. This means that the average sales price increased 13% and the median price increased almost 2% in the first 8 months of 2016 versus the same period in 2015. The days to offer decreased by 16 days in 2016 compared to 2015, which is a result of buyer demand and competitiveness.

All price points in Norwell real estate sales have been strong. The mid-price market segment between $500,000 and $700,000 was the strongest with 32 home sales and tied the first time buyer market with an average of 43 days to offer. The slowest market segment, if we can even call it that, were homes priced over $900,000, and took an average of 87 days to receive an offer, which is still very good considering the competition from other luxury homes on the market in nearby Hingham, Cohasset and Scituate.

Norwell real estate sales breakdown by price range for the first 8 months of 2016 per MLSPIN property statistics:

Norwell real estate salesNorwell Real Estate Sales – Under $499,999

For first 8 months of 2016:

No. of Home sales: 34

Average sale price: $399,827

Average living area: 1,734 sq. ft.

Average days to offer: 42

Average sale price per sq. ft: $243

Norwell real estate salesNorwell Real Estate Sales – Between $500,000 and $699,999

For first 8 months of 2016:

No. of Home sales: 32

Average sale price: $581,555

Average living area: 2,398 sq. ft.

Average days to offer: 43

Average sale price per sq. ft: $252

Norwell real estate salesNorwell Real Estate Sales – Between $700,000 and 899,999

For first 8 months of 2016

No. of Home sales: 26

Average sale price: $779,558

Average living area: 3,377 sq. ft.

Average days to offer: 68

Average sale price per sq. ft: $237

Norwell real estate salesNorwell Real Estate Sales – $900,000 and above

For first 8 months of 2016:

No. of Home sales: 26

Average sale price: $1,257,517

Average living area: 4,556 sq. ft.

Average days to offer: 87

Average sale price per sq. ft: $288

If you’re thinking of selling your Norwell home now or in the future, please give me a call and have me come take a look at your home. We can discuss what’s happening in your neighborhood and I’ll provide you with my professional opinion of your home’s value and any suggested improvements ahead of the sale, if any. You can reach me, George Jamieson, Realtor at William Raveis Real Estate at 617-877-4839 or email me at George.jamieson@raveis.com. All discussions will remain confidential. Alternatively, you can fill out the contact form below and I will get back to you shortly. Thank you.

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